Schumer hopeful for a deal

12/30/12 10:22 AM EST

Tthere are better than 50/50 odds of lawmakers reaching a deal on the so-called fiscal cliff, Sen. Chuck Schumer (D-N.Y.) predicted on Sunday.

"There's a real possibility of a deal. I've been a legislator for 37 years, and I've watched how these things work. On these big, big agreements, they almost always happen at the last minute. Neither side likes to give up its position," Schumer said on ABC's "This Week."

"They eyeball each other until the very end. But then, each side, realizing that the alternative is worse, comes to an agreement," he explained. "So while an agreement is hardly a certainty, I certainly wouldn't rule it out at this last minute."

"Give me your odds. I said 50/50," said host Jonathan Karl, filling in for George Stephanopoulos.